Yet another former HUDC estate is gunning for a spot in the collective sale race.
5 HUDC estates successes in the collective sale market and counting
Ivory Heights joins a series of other former HUDC estates to jump on the collective sale bandwagon. Rio Casa was the first this year to reach for success with an en bloc sale in May. This was followed by Tampines Court and hot on their heels are Florence Regency, Pine Grove, and Braddell View.
But like other segments in real estate, land sales is also dependent on timing. While those who have entered the market earlier may not have asked for higher prices, they have struck while the iron was hot. And for those who follow suit, they risk developers not taking to their higher asking prices.
Owners of ex-HUDC units may pocket $2 million
Besides timing, location is another crucial factor. Ivory Heights sits on a future sweet spot in the Jurong Lake District. Lauded as Singapore’s upcoming second business district, the Jurong Lake District is already seeing a boom in residential and commercial property sales. Developers who are hungry to redevelop land with long-term potential will do well to keep an eye on this site.
The owners of Ivory Heights are asking for $1.34 billion, which would work out to be about $2 million for each unit. The estate was built in 1986 and there will, however, be an additional $160 million required to top up the lease to 99 years.